Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company reported Q1 2025 revenue of 1.108 billion yuan, a year-on-year increase of 3.04%, and a net profit of 234 million yuan, up 5.77% year-on-year, indicating that performance met expectations [6]. - The company focuses on enhancing product structure and regional market reforms, particularly in the Gansu area, which is expected to drive future growth [6]. - The report forecasts net profits for 2025, 2026, and 2027 to be 418 million, 455 million, and 503 million yuan respectively, with year-on-year growth rates of 7.7%, 8.9%, and 10.4% [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 3.279 billion yuan, with a year-on-year growth rate of 8.5% [5]. - The gross profit margin for Q1 2025 is reported at 66.81%, an increase of 1.41 percentage points year-on-year, attributed to improved product structure [6]. - The company’s operating cash flow for Q1 2025 is 269 million yuan, a decrease of 21.56% year-on-year, with cash received from sales amounting to 1.180 billion yuan, down 4.68% year-on-year [6]. Product Structure and Market Performance - The revenue from products priced above 300 yuan increased by 28.14% year-on-year, while products priced between 100-300 yuan saw a 14.24% increase [6]. - The company’s market share in its core products continues to rise, with domestic revenue accounting for 78.26% of total revenue in Q1 2025 [6]. - The number of domestic distributors increased to 291, while the number of external distributors rose to 673, indicating ongoing market expansion efforts [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.35 yuan [6]. Core Views - The company demonstrates steady growth with a revenue of 1.108 billion yuan in Q1 2025, reflecting a year-on-year increase of 3.04%. The net profit attributable to shareholders reached 234 million yuan, up 5.77% year-on-year [1]. - The product structure continues to optimize, with high-end products (priced above 300 yuan) achieving a revenue increase of 28.14%, while products priced between 100-300 yuan grew by 14.24%. However, products below 100 yuan saw a decline of 31.72% [2]. - The company is expanding its market presence, with a revenue of 857 million yuan from its home province, Gansu, representing a 1.05% increase, while revenue from outside the province grew by 9.48% to 238 million yuan [2]. - Cost control measures have led to improved profitability, with a gross margin of 66.81%, up 1.41 percentage points year-on-year, and a net profit margin of 21.09%, an increase of 0.54 percentage points [3]. - The company plans to achieve a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, indicating year-on-year growth of 8.56% and 5.11%, respectively [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net cash flow from operating activities of 269 million yuan, a decrease of 21.56% year-on-year. The ending contract liabilities were 583 million yuan, down 7.65% [1][3]. - The company’s sales revenue from distribution channels reached 1.035 billion yuan, with a year-on-year increase of 2.83% [2]. Product and Market Strategy - The company is focusing on upgrading its product structure, with high-end products leading the growth. The market strategy emphasizes nationwide layout while deepening its presence in the northwest region [2][4]. - The company has increased its market share in Gansu, with notable growth in regions like Hexi Corridor and Zhangye [2]. Future Outlook - The company forecasts revenues of 3.289 billion yuan, 3.601 billion yuan, and 3.980 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 409 million yuan, 441 million yuan, and 481 million yuan [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.35 yuan [6]. Core Views - The company achieved a revenue of 1.108 billion yuan in Q1 2025, representing a year-on-year increase of 3.04%. The net profit attributable to shareholders was 234 million yuan, up 5.77% year-on-year [1]. - High-end products continue to show strong growth, with revenue from products priced above 300 yuan increasing by 28.14% year-on-year. The company is expanding its market presence in both domestic and regional markets [2]. - The company has effectively controlled costs, leading to improved profitability. The gross margin for Q1 2025 was 66.81%, an increase of 1.41 percentage points year-on-year [3]. - The company plans to achieve a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, reflecting year-on-year growth of 8.56% and 5.11%, respectively [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net cash flow from operating activities of 269 million yuan, a decrease of 21.56% year-on-year. The ending contract liabilities were 583 million yuan, down 7.65% [1][3]. - The company’s revenue from different product segments in Q1 2025 was 245 million yuan for products above 300 yuan, 630 million yuan for products priced between 100-300 yuan, and 221 million yuan for products below 100 yuan [2]. Market Strategy - The company is focusing on a national layout while deepening its presence in the northwest region, with significant growth in markets such as Gansu, Jiangsu, and Henan [2]. - The company has a total of 964 distributors, with a net increase of 3 in the domestic market and a net decrease of 40 in the external market as of Q1 2025 [2]. Profitability and Cost Control - The company’s selling expense ratio decreased to 16.81%, down 1.18 percentage points year-on-year, while the management expense ratio was 7.02%, down 0.90 percentage points [3]. - The net profit margin for Q1 2025 was 21.09%, an increase of 0.54 percentage points year-on-year [3]. Future Outlook - The company forecasts revenues of 3.289 billion yuan for 2025, with a projected growth rate of 8.8% [5]. - The expected earnings per share for 2025 is 0.81 yuan, with a price-to-earnings ratio of 24 [5].

金徽酒（603919）（603919.SH）实际控制人李明近亲，再次拿下上市公司大单。 截止到本公告披露日，过去12个月内，金徽酒与懋达建设的交易金额占公司最近一期经审计净资产绝对 值的比例高于5%（包括本次关联交易），本次关联交易尚需提交股东大会审议。 实际上，金徽酒2024年实现营业收入30.21亿元，同比增长18.59%；净利润3.88亿元，同比增长 18.03%。公司没有完成上述利润目标。 2025年一季度，金徽酒实现营业收入11.08亿元，同比增长3.04%；净利润2.34亿元，同比增长5.77%， 业绩增速放缓。 签订6.69亿工程施工合同 4月14日晚间，金徽酒发布公告，公司拟投资实施生态智慧产业园四期技改项目，经委托第三方代理机 构公开招标，关联方懋达建设中标，合同金额6.69亿元。 金徽酒表示，本次签订《工程施工合同》，目的是开展金徽生态智慧产业园四期技改项目建设，符合公 司长期发展战略，有助于增强公司酿酒生产能力，提升产品质量，更好地服务消费者需求，助力公司第 三大战略目标达成。 4月14日晚间，金徽酒公告，公司拟投资实施生态智慧产业园四期技改项目，经委托第三方代理机构公 开招标，关联方甘 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][7] Core Views - The company's performance is stable with effective structural upgrades, showing a revenue growth of 3.0% year-on-year in Q1 2025, with net profit increasing by 5.8% [5] - The product structure has improved significantly, enhancing profitability, with a gross margin of 67% and a net margin of 21% in Q1 2025 [5] - The company is focusing on optimizing sales expenses and has maintained stable contract liabilities [5] Summary by Sections Performance Overview - In Q1 2025, total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were CNY 1.108 billion, CNY 234 million, and CNY 231 million respectively, with year-on-year growth rates of +3.0%, +5.8%, and +4.3% [5] - The gross margin and net margin improved by 1.4 and 0.4 percentage points year-on-year, reaching 67% and 21% respectively [5] Product Structure and Growth - Revenue from products priced above CNY 300, between CNY 100-300, and below CNY 100 were CNY 245 million, CNY 630 million, and CNY 221 million respectively, with year-on-year growth rates of +28.14%, +14.24%, and -31.72% [6] - The company has seen a steady increase in market share within the province, with provincial revenue of CNY 857 million and out-of-province revenue of CNY 238 million, reflecting year-on-year growth of +1.05% and +9.48% respectively [6] Profitability Forecast - The company is expected to maintain a positive trend in product structure upgrades and refined operations in the provincial market, with EPS forecasts for 2025, 2026, and 2027 at CNY 0.81, CNY 0.90, and CNY 1.02 respectively [7][10] - The current stock price corresponds to a PE ratio of 24, 21, and 19 for the years 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][7] Core Views - The company's performance is stable with effective structural upgrades, showing a revenue growth of 3.0% year-on-year in Q1 2025, with net profit increasing by 5.8% [5] - The product structure has improved significantly, enhancing profitability, with a gross margin of 67% and a net margin of 21% in Q1 2025 [5] - The company is focusing on optimizing sales expenses and has maintained stable contract liabilities [5] Summary by Sections Performance Overview - In Q1 2025, total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were CNY 1.108 billion, CNY 234 million, and CNY 231 million respectively, with year-on-year growth rates of +3.0%, +5.8%, and +4.3% [5] - The gross margin and net margin improved by 1.4 and 0.4 percentage points year-on-year, respectively [5] Product Structure and Growth - Revenue from products priced above CNY 300, between CNY 100-300, and below CNY 100 were CNY 245 million, CNY 630 million, and CNY 221 million respectively, with year-on-year growth rates of +28.14%, +14.24%, and -31.72% [6] - The company has seen a steady increase in market share within the province, with provincial revenue of CNY 857 million and out-of-province revenue of CNY 238 million, reflecting year-on-year growth of +1.05% and +9.48% respectively [6] Profitability Forecast - The company is expected to maintain a positive trend in product structure upgrades and refined operations in the provincial market, with EPS forecasts for 2025, 2026, and 2027 at CNY 0.81, CNY 0.90, and CNY 1.02 respectively [7][10] - The current stock price corresponds to a PE ratio of 24, 21, and 19 for the years 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is on a clear path of structural optimization, with strong long-term growth potential [1] - The company achieved revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year [7] - The company is accelerating its national layout, with significant growth in high-end products priced above 300 yuan, which saw a revenue increase of 28.1% [7] - The gross profit margin improved by 1.4 percentage points to 66.8% due to product structure upgrades [7] - The company aims for a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, which is expected to be achieved smoothly [7] Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 3.021 billion yuan, 3.276 billion yuan, 3.602 billion yuan, and 4.004 billion yuan respectively, with growth rates of 18.59%, 8.42%, 9.97%, and 11.16% [2] - Net profit attributable to the parent company is projected to be 388 million yuan in 2024A, 411 million yuan in 2025E, 458 million yuan in 2026E, and 535 million yuan in 2027E, with growth rates of 18.03%, 5.92%, 11.29%, and 16.94% respectively [2] - Earnings per share (EPS) are expected to be 0.77 yuan in 2024A, 0.81 yuan in 2025E, 0.90 yuan in 2026E, and 1.05 yuan in 2027E [2] - The return on equity (ROE) is projected to increase from 11.48% in 2024A to 12.64% in 2027E [2] Market Position and Strategy - The company is focusing on deepening its market presence in the northwest while also targeting growth in eastern and northern regions [7] - The marketing transformation is showing initial results, with a strategy of "one county, one policy" leading to improved market share [7] - The company is actively enhancing its brand recognition among consumers through product structure upgrades and marketing efforts [7]

证券研究报告 | 2025年04月15日 金徽酒（603919.SH） 优于大市 第一季度经营稳健，产品结构持续升级 2025Q1 收入同比增长 3.0%，净利率录得提升。2025Q1 公司实现营业总收入 11.08 亿元/同比+3.0%，归母净利润 2.34 亿元/同比+5.8%。收入增速略低主因百元以 下产品经营节奏扰动，同时春节备货动作前置于第四季度。2025Q1 产品结构和 费用率表现较好，净利率同比提升 0.54pcts。综合 2024Q1+2025Q1 来看，营业 总收入同比+12.3%，归母净利润同比+4.2%。 第一季度产品结构延续升级趋势，省外市场增速高于省内。分产品看，2025Q1 公司 300 元以上/100-300 元/100 元以下产品收入 2.45/6.30/2.21 亿元，同比 +28.1%/+14.2%/-31.7%，产品结构延续升级趋势，100 元以上产品收占比 79.8%； 其中年份系列增速引领，金徽 18/28 年预计增速最快；低端产品下滑较多主因 2024 年 3 月产品提价前进行集中回款、基数较大，同时 2025 年春节较早，世纪 金徽等订货会前置至 2024Q4。分 ...

事件概述 4 月14 日，金徽酒发布2025 年一季报，报告期内，公司实现营业收入11.08 亿元，同比+3.04%；归母净 利润2.34 亿元，同比+5.77%；扣非归母净利润2.31 亿元，同比+4.30%。 产品结构再创新高，营销转型增势稳健。25Q1 产品结构方面，300元以上/100-300 元/100 元以下产品营 业收入分别为2.45/6.30/2.21 亿元，同比+28.14%/+14.24%/-31.72%，300 元以上产品单季度营收首次突 破2 亿，百元以上产品销售占比高达近80%，较上年同期提升10.20 个百分点，产品结构优化显著。 投资摘要 分市场来看，一季度省内/省外营业收入分别为8.57/2.38 亿元，同比+1.05%/+9.48%，公司通过消费者培 育持续打造样板，夯实大西北根据地市场的基础上，加大投入华东、北方市场，省外增长势能提升。分 销售渠道来看，公司经销/直销（含团购）/互联网销售分别实现10.35/0.23/0.37 亿元，同比 +2.83%/-13.67%/+14.57%，互联网公司增长亮眼，公司围绕流量、团队、消费者、产品、渠道精细化运 营提销量，积极打造金徽 ...

[ T able_StockInfo] 2025 年 04 月 15 日 证券研究报告•2025 年一季报点评 金 徽 酒（603919）食品饮料 目标价：——元（6 个月） 买入 （维持） 当前价：19.59 元 结构优化路径清晰，长期增长势能强劲 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 30.21 | 32.76 | 36.02 | 40.04 | | 增长率 | 18.59% | 8.42% | 9.97% | 11.16% | | 归属母公司净利润（亿元） | 3.88 | 4.11 | 4.58 | 5.35 | | 增长率 | 18.03% | 5.92% | 11.29% | 16.94% | | 每股收益 EPS（元） | 0.77 | 0.81 | 0.90 | 1.05 | | 净资产收益率 ROE | 11.48% | 11.69% | 11.91% | 12.64% | | PE | 26 | 24 | 22 | 1 ...